RentoMojo’s IPO was subscribed 72.9 times, with institutional investors bidding for 177 times their quota.
Of the products RentoMojo bought in FY17, about 57% were still generating rental income by September 2025. That cohort had already produced revenue equal to 4.9 times its purchase cost.
RentoMojo buys an appliance once, rents it, takes it back, repairs it and sends it to another home. If a ₹15,000 appliance can eventually earn ₹50,000-70,000, the economics improve with age.
Revenue rose from ₹193 crore in FY24 to ₹387 crore in FY26, while subscribers increased from 1.49 lakh to 2.54 lakh. Items per subscriber rose from 2.61 to 2.83, and more than half of orders now come from repeat customers. Getting an existing customer to add another appliance is cheaper than finding a new one.
But this is still a capital-heavy business. FY26 EBITDA was about ₹163 crore, yet depreciation was ₹70 crore. RentoMojo spent ₹176 crore on capex while generating roughly ₹173 crore of operating cash flow. Almost all that cash went back into assets.
Live items rose from 4.63 lakh in FY24 to 8.51 lakh in FY26, but occupancy fell from 86.4% to 83.3%. A refrigerator sitting in a warehouse earns nothing while the capital remains stuck.
That is why RentoMojo’s real advantage is asset utilisation. It has to buy well, repair cheaply and rent the same product again quickly. Delivery turnaround improved from 3.77 days to 2.35 days.
Furlenco makes the argument stronger. It reported ₹370 crore of FY26 revenue and ₹57-60 crore of profit, with EBITDA margins near 35%. Two large players becoming profitable at the same time suggests scale is finally helping.
The valuation is less comfortable. At ₹404 a share, RentoMojo is valued at about ₹4,200 crore. FY26 profit was ₹104 crore, but ₹36.6 crore came from a deferred-tax credit. On normalised earnings, the multiple could be closer to 80 times than 40.
Only ₹150 crore of the ₹1,256 crore IPO is fresh money. Most of the issue is existing investors selling shares.
Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.
“Modi Hai Toh Mumkin Hai”: PM Modi Proposes Cross-Border Corridor For BRICS Startups
PM Modi has pitched a cross-border tech corridor for BRICS startups to unlock new markets and partnerships.
He proposed supporting 100 startups every year while cutting trade and regulatory barriers across the bloc.
Read more here
“Paani Khatam Ho Jayega”: Dario Calls For AI Slowdown
After Sam Altman, Anthropic CEO Dario Amodei is calling for AI development to slow down.
He says AI progress is outpacing safety checks and wants independent evaluators and global coordination.
Read more here
“Meri Shaktiyo Ka Galat Istemal”: Bengaluru Court Restrains Way2News
A Bengaluru court has temporarily stopped WestBridge-backed Way2News from using AppsForBharat’s alleged confidential data and IP.
The dispute centres on Way2News’s VedaMandir platform, with AppsForBharat alleging misuse of proprietary material linked to a former employee. Way2News has denied intent to access or use confidential information.
Read more here
“Paise Ki Talab”: Zomato Starts Charging Cash-On-Delivery Customers
Zomato is charging some cash-on-delivery customers an extra ₹5-₹21 per order.
The new ‘Pay on delivery’ fee comes on top of its platform fee and appears aimed at nudging users towards online payments.
Read more here
“Lo Chali Mai”: Accel Offloads ₹156 Cr Stake In BlackBuck
Accel has sold a ₹156 Cr stake in BlackBuck through a block deal.
The shares were bought by Abakkus Investment Managers as Accel books profits.
Read more here
“Aur Zor Se Dhakka Maro”: Amazon Pay To Double Down On Insurance
Amazon Pay is expanding its insurance play with travel insurance and more products.
The move is part of its broader push into financial services alongside credit, savings and investments.
Read more here
“Aan Milo Sajna”: Mitti Labs Enters Deal With Google
Mitti Labs has struck a four-year deal with Google to supply 1 Mn carbon credits by 2030.
The partnership will scale methane-cutting practices across rice farms.
Read more here
“Khaao Maa Kasam”: EaseMyTrip Cofounder Nishant Pitti Pledges Shares
EaseMyTrip cofounder Nishant Pitti has pledged shares worth ₹212 Cr to Motilal Oswal for personal use.
Nearly 99% of his individual EaseMyTrip holding is now pledged.
Read more here
“Swagat Hai Aapka”: BankSathi Appoints Nitish Kumar Bugalia As Cofounder And COO
Technology-led credit inclusion platform BankSathi has appointed Nitish Kumar Bugalia as cofounder and chief operating officer. He brings more than 12 years of experience across fintech, technology and consumer internet businesses.
His focus will be product, operations, technology, operating systems and customer experience as BankSathi enters its next growth phase.
Read more here
Triptii Dimri has backed beauty startup Peep Beauty as an investor and co-creator. The brand sells coloured contact lenses and eye makeup.
Read more here
Ultraviolette is set to raise ₹373 Cr in its ongoing Series E round. The E2W maker is also investing over ₹1,000 Cr to expand manufacturing.
Read more here
Popo Global, parent of Paris Panini and The Pizza Bakery, has raised ₹532 Cr from Artal Asia. The Bengaluru-based food company plans to expand.
Read more here
